IRS Announces First Wave of Opportunity Zone Designations

Reprinted with permission from State Tax Notes, May 2018

On April 9 and April 18, Treasury and the IRS designated qualified opportunity zones (QOZs) for 20 states, Puerto Rico, the U.S. Virgin Islands, the Northern Mariana Islands, and American Samoa under a new tax incentive program for low-income census tracts established by the Tax Cuts and Jobs Act (P.L. 115-97). As amended by the Bipartisan Budget Act of 2018 (P.L. 115-123), the TCJA authorizes states, the District of Columbia, U.S. possessions, and Puerto Rico (collectively, "states") to designate as many as 8,762 population census tracts nationwide as QOZs. Read More

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